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Keyword: oil

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  • Bolshevik Bernie and the Communist Spy

    09/16/2015 1:00:33 PM PDT · by Ray76 · 20 replies
    http://canadafreepress.com/article/75290 ^ | Sep 15, 2015 | Cliff Kincaid
    In a 1,500-word article about the Bernie Sanders presidential campaign, The Washington Post waited until the 25th paragraph to note that the self-declared socialist faces an “obstacle” to winning the presidency. The paper said that “…Sanders has not faced the kind of media scrutiny, let alone attacks from opponents, that leading candidates eventually experience.” The authors, Philip Rucker and James Wagner, added, “Sure to follow his summer surge is an autumn of investigations that could reveal new details about his personal background and record.” One of the more interesting members of the DSA is Kurt Stand, a communist spy for...
  • Senate Votes to Raise Revenue by Drilling In Arctic National Wildlife Refuge (drill, baby drill!)

    10/20/2017 10:33:29 AM PDT · by drewh · 28 replies
    Spokesman Review ^ | Fri., Oct. 20, 2017, 10:04 a.m. | By Juliet Eilperin
    WASHINGTON – The Senate rejected an amendment Thursday that sought to block a key panel from raising revenue through drilling in Alaska’s Arctic National Wildlife Refuge, a move that could make it easier for future oil and gas drilling to take place there. Sen. Maria Cantwell, Wash., the top Democrat on the Energy and Natural Resources Committee, offered an budget amendment that would have removed instructions to the panel to raise an additional $1 billion through federal leasing. It failed 48 to 52 on a largely party-line vote, with only Sen. Susan Collins, R-Maine, and Joe Manchin, W.Va., breaking ranks....
  • Hurricanes Aren't the Only Reason Gas Prices Are High

    10/19/2017 1:13:49 PM PDT · by TBP · 18 replies
    The Foundation for Economic Education (FEE) ^ | October 19, 2017 | Jacob R Borden
    Hurricanes Harvey, Irma, and Nate highlighted the exposure to life and property all along the Gulf Coast. Of the critical national assets that took a hit, the crux of the U.S. refining industry suffered dramatically. As a result of Harvey alone, twenty refineries in the 300 miles between Corpus Christi and Beaumont were forced to shut down or dramatically reduce rates. The spot price of ultra-low sulfur diesel (ULSD) promptly increased by 10%, while that for gasoline and jet fuel increased by 25%. All three prices remain about 10% higher than before the hurricanes, in part due to regulatory constraints...
  • Newest Outpost for U.S. Crude Exports: India

    10/18/2017 7:00:31 PM PDT · by Oatka · 10 replies
    The Times of India ^ | Oct 17 2017 | Julia Simon and Nidhi Verma
    India is set to emerge as a key market for American crude exports in coming months, as refineries are ramping up "test" purchases of US grades to diversify their imports. US exports recently set a weekly record with nearly 2 million barrels of crude a day sent overseas. But shipments to India+ have been rare, with just a few deliveries since the US lifted its ban on crude exports in late 2015. Indian refineries are starting to increase purchases as the country seeks to secure more supply from outside the Middle East. Refiners are testing both US sweet and sour...
  • Iraq forces take oil fields dashing Kurdish dreams

    10/17/2017 6:04:49 AM PDT · by Texas Fossil · 7 replies
    AFP News ^ | 17 Oct 2017 | none stated
    Iraqi forces took control of the two largest oil fields in the disputed northern province of Kirkuk on Tuesday demolishing Kurdish hopes of creating a viable independent state. The Kurds withdrew without a fight after federal government troops and militia entered the city of Kirkuk and seized the provincial governor's office and key military bases in response to a Kurdish vote for independence last month. The fields accounted for around 250,000 barrels per day of the 650,000 bpd that the autonomous Kurdish region exported under its own auspices and their loss deals a huge blow to its already parlous finances...
  • Mass EV Adoption Could Lead To $10 Oil

    10/13/2017 3:30:37 PM PDT · by bananaman22 · 145 replies
    Oilprice.com ^ | 13-10-2017 | Paraskova
    The adoption of electric vehicles (EVs) could lead to global peak oil demand as soon as 2023, which will result in oil prices crashing to $10, Chris Watling, CEO & chief market strategist at Longview Economics, told CNBC on Friday. Watling said he didn’t see oil crashing “in the next few weeks or months, or maybe even quarters, but I think the long-term outlook for oil—because of what’s happening in terms of electric vehicles” with 70 percent of oil used for transportation, is oil plummeting to $10 somewhere around 2023-2025. “We used to talk about peak oil in terms of...
  • World’s No.1 Oil Trader: U.S. To See Final Oil Output Spike In 2018

    10/11/2017 1:45:59 PM PDT · by bananaman22 · 13 replies
    Oilprice.com ^ | 11-10-2017 | Julianne
    The best is yet to come for US oil production—but it will be a short-lived hurrah, according to Ian Taylor, head of oil trading giant Vitol. US oil production has steadily increased throughout 2017 as US drillers regained their footing after the oil price crash. What started out at 8.946 million bpd of crude oil production in the first week of January has now reached an average of 9.561 million bpd as of September 29, according to the EIA.
  • North Sea Oil Squeezed as U.S. Ships Crude Like Never Before

    10/11/2017 8:35:36 AM PDT · by Oatka · 18 replies
    Bloomberg via gCaptain ^ | Oct 10 2017 | Javier Blas, Laura Hurst and Julian Lee
    Link only (Bloomberg)
  • Trump inches toward drilling in Arctic Wildlife Refuge for first time in 30 years(OH NOES!)

    09/18/2017 10:04:44 AM PDT · by rktman · 36 replies
    libertyunyielding.com ^ | 9/17/2017 | staff
    President Donald Trump is moving toward allowing energy exploration in the Arctic National Wildlife Refuge (ANWR) for the first time in several decades, according to a report Friday from The Washington Post. Interior Department officials are modifying decades-old regulations that have traditionally prevented the agency from conducting seismic studies seen as the first step towards drilling, the report notes. U.S. Fish and Wildlife Service director James W. Kurth told the agency’s Alaska regional director to strike constraints on a rule that allowed exploratory drilling between 1984 and 1986, the last time drilling was allowed in the ANWR, according to a...
  • Phillips 66 Uses Jones Act Waiver to Book Foreign Tanker as U.S.-Flagged ‘Armada’ Heads for Florida

    09/16/2017 12:48:49 PM PDT · by Oatka · 17 replies
    gCaptain ^ | Sept 15, 2017 | Mike Schuler
    Petroleum tankers pictured at the Port of Tampa Bay, September 13, 2017. Photo: Port Tampa Bay Phillips 66 has taken advantage of the U.S. Department of Homeland Securities’ temporary Jones Act waiver applying to tankers in response to fuel shortages in the southeast United States in the wake of Hurricanes Harvey and Irma, Argus Media reported Thursday. The foreign charter comes as an “armada” of at least 26 U.S.-flagged vessels carrying millions of gallons of fuel and other refined products head for Florida, the American Maritime Partnership said. According to Argus, Phillips 66 used the waiver to charter the Marshall...
  • Venezuela Stops Accepting Dollars; The Beginning of the Collapse of the Dollar as Reserve Currency?

    09/14/2017 9:33:08 AM PDT · by PPSman · 47 replies
    EconomicPolicyjournal.com ^ | September 14, 2017 | Robert Wenzel
    In retrospect, this could be the most important economic event of 2017. The oil-rich country of Venezuela has stopped accepting the U.S. Dollar as payment for oil. Last week President Maduro warned that the country would this week ‘free’ itself from the US dollar. “Venezuela is going to implement a new system of international payments and will create a basket of currencies to free us from the dollar.” Yesterday Venezuela temporarily suspended the sale of U.S. dollars through its Dicom auction system. This (and other moves) was in response to U.S. sanctions put in place by the Trump administration.
  • DHS Secretary Duke Signs Jones Act Waiver to Secure Fuel After Major Hurricanes Irma and Harvey

    09/09/2017 10:42:35 AM PDT · by Oatka · 12 replies
    gCaptain ^ | Sept 08, 2017 | Mike Schuler
    The U.S. Department of Homeland Security on Friday said it was temporarily waiving the Jones Act for tankers to ensure enough fuel reaches emergency responders and affected areas during Hurricane Irma and in the wake of Hurricane Harvey. The waiver was signed Friday by Department of Homeland Security Acting Secretary Elaine Duke and will be in effect for seven days. The waiver is specifically tailored to transportation of refined petroleum products in hurricane-affected areas. It includes shipments of gasoline, diesel, and jet fuel from New York, Pennsylvania, Texas, and Louisiana to South Carolina, Georgia, Florida, and Puerto Rico. The DHS...
  • China sees new world order with oil benchmark backed by gold

    09/05/2017 7:37:59 PM PDT · by bkopto · 44 replies
    Nikkei Asian Review ^ | 9/1/2017 | Damon Evans
    China is expected shortly to launch a crude oil futures contract priced in yuan and convertible into gold in what analysts say could be a game-changer for the industry. The contract could become the most important Asia-based crude oil benchmark, given that China is the world's biggest oil importer. Crude oil is usually priced in relation to Brent or West Texas Intermediate futures, both denominated in U.S. dollars. China's move will allow exporters such as Russia and Iran to circumvent U.S. sanctions by trading in yuan. To further entice trade, China says the yuan will be fully convertible into gold...
  • A War With North Korea Could Send Oil Prices Skyrocketing

    09/05/2017 7:56:13 AM PDT · by bananaman22 · 24 replies
    Oilprice.com ^ | 05-09-2017 | Irina
    An open military conflict in Northern Asia would disrupt more than a third of global seaborne crude oil trade, Wood Mackenzie warned last week amid yet another escalation between North Korea, its neighbors, and the U.S. Such a conflict would cripple North Asia’s production and refining capacity, the consultancy said. Some 65 percent of Asia’s crude oil refining capacity is located in China, Japan, and South Korea, so the effects of an open war would be far-reaching and potentially long-lasting. The most pressing question, then, is how likely such an open conflict is.
  • China Begins To Reset The World’s Reserve Currency System

    09/04/2017 9:54:08 PM PDT · by Enlightened1 · 36 replies
    Investing ^ | 09/04/17 | David I. Kranzler
    It’s a strategic move swapping oil for gold, rather than for U.S. Treasuries, which can be printed out of thin air. – Grant Williams A report released by the Nikkei Asian Review indicates that China is prepared to release a yuan-denominated oil futures contract that is convertible (backed by) physical gold. The contract will enable China’s largest oil suppliers to settle oil sales in yuan, rather than in dollars, and then convert the yuan into gold on exchanges in Hong Kong and Shanghai. This is a significant step in removing the global reserve currency status of the dollar and resetting...
  • How’s Socialism Doing In Venezuela?

    09/03/2017 8:45:22 AM PDT · by Oldpuppymax · 22 replies
    The Coach's Team ^ | 9/3/17 | Debbie D'Souza
    Once there was a South American country with a promising future. It had a functioning democracy, a rapidly developing economy and a growing middle class. All the important indicators, including education, health care and foreign investment, were pointed in the right direction. It was far from perfect, but the mood was hopeful – and with good reason. But now all that promise is gone. The country is a failed state, a hollowed-out shell of its former self. Services like power and water are sporadic. The most basic consumer goods--from bread to toilet paper--are in chronically short supply. Crime has skyrocketed....
  • 'N. Korea to Stockpile 1Mn Tons of Oil in Preparation of Sanctions'

    09/02/2017 5:08:03 AM PDT · by TigerLikesRooster · 46 replies
    KBS ^ | 2017-09-02
    'N. Korea to Stockpile 1Mn Tons of Oil in Preparation of Sanctions' 2017-09-02 12:26:16 Update : 2017-09-02 A Japanese newspaper reports North Korea set a goal in April to stockpile one million tons of petroleum in preparation for global sanctions. The Tokyo Shimbun noted that one million tons is around half to two thirds of North Korea's annual imports of crude oil and related products. The article cited a North Korean figure as saying that leader Kim Jong-un made this decision during a meeting of the state affairs commission. Following the decision, a large number of gas stations reportedly shut...
  • RR commissioner: There's no fuel crisis in Texas

    08/31/2017 6:26:40 PM PDT · by Snickering Hound · 52 replies
    KHOU Houston ^ | 8-31-2017 | David Schechter and Marjorie Owens
    DALLAS - As gas prices spike across Texas and fuel runs short at some gas stations, officials say there's no shortage of fuel in the state because of Harvey. Texas Railroad Commissioner Ryan Sitton said consumers are putting undue demand on fuel and that's making it difficult to resupply gas stations in a timely fashion. He called the problem simply one of demand and logistics. "There's plenty of gasoline," he said. "This will subside." Sitton says he understands the worry as people drive up to gas stations and see high prices, long lines and red bags covering gas pumps. But...
  • A North Korea crisis would threaten more than a third of the oil moving on the oceans

    08/31/2017 4:49:42 AM PDT · by TigerLikesRooster · 11 replies
    CNBC ^ | 2017/08/31 | Sri Jegarajah
    A North Korea crisis would threaten more than a third of the oil moving on the oceans Military action around North Korea could halt the flow of crude oil imports to South Korea, Japan and China, which together account for 34 percent of seaborne oil trade globally, according to energy consultancy Wood Mackenzie Global oil markets would be "severely affected" in the event of a regional conflict that affects South Korea, Japan and China, the consultancy said But on the other hand, "regional stockpiling and increased logistics costs could equally lead to a short-term price premium" Sri Jegarajah | @cnbcSri...
  • Oil factbox: Refinery outages, port closures

    08/29/2017 3:46:34 PM PDT · by ameribbean expat · 9 replies
    Roughly 2.33 million b/d of Texas refining capacity remained down due to shutdowns, but with refiners also cutting rates that figure is likely much higher. If those cutting runs are at 50% of capacity, that would put the total downed capacity at 3.36 million b/d (18% of the US total). Vessel traffic into and out of the US Gulf Coast has largely been closed, restricting oil and refined products imports and exports. The US Coast Guard set port condition Zulu for Louisiana port Lake Charles and Texas ports Beaumont, Nederland, Orange, Port Arthur, Port Neches, Sabine and Sabine Bar. The...